tv Cashin In FOX Business March 27, 2016 9:30am-10:01am EDT
and that is why you invest. the best returns aren't just measured in dollars. td ameritrade. we have talked about anything that affected people and their money. from business headquarters in new york city, the new "wall street week." >> welcome to "wall street week" and a new home on the fox business network. i am anthony scaramucci and joining us is murray that -- maria bartiromo host of "mornings with maria" and gary kaminsky will be back with us next week.
>> our guest is the master of behind-the-scenes business yet he is a household name with a larger-than-life personality. anthony: terrier -- tony robbins is here with an exclusive interview. your companies are making a killing. you have made this major shift in money management and trying to explain to people a lot money pity of a best-selling book called money. tell us about that transition when he decided to that direction. >> my wife has been focused on helping people with their life and there are only two matters that body your emotions or relationship and your finances. when 2008 happened so many people losing their homes and their retirement accounts and nothing was happening. i had a unique approach which is i got really angry and i thought there's something i can do is one person but i think coaching now for 22 years everyday. i've learned so much and i thought if i interview 50th
smartest people in the world. anthony: is one of the most celebrated hedge fund managers in the world. maria: can you imagine not losing any money for 22 years? >> is a philanthropist and performers over 22 years i've coached him so i thought if i utilize what i've learned from him and i got access to the warren buffett i could convince them something the average investor could win in a world where 70% of trades are done by -- anthony: are you giving the opera when free money management advice? >> she's done quite well in that area but truly we live in a world where the financial community has the least amount of clarity to customers to what they are doing for them and i thought i could really bring something for them provide transparency that could empower people and we are seeing huge changes when investors have applied it.
maria: you have spoken to everybody from will buffet and so many others, what is the one take away you get from these folks about what's behind their incredible success? >> they all have different things to make them successful but if you find one single trade would be hunger. people popout because they get comfortable but boring is 85 years old. he is not as hungry today. anthony: 85 years young. >> that's right raid a friend of mine is 74 years old and years old and he has is driven to days you can imagine and another friend is a gentleman who is 52 academy awards. if you have that hunger and drive you can find the answers. the investment strategies i can show how to apply them to the average investor. anthony: what would you say to the average investor? >> one of the most important things is to get a fiduciary. you can do that on your own but
finding somebody who is responsible to your needs first in the marketplace. even in that marketplace some people hold out with an raa and what i uncovered and forcibly as there is a different segment of those people that have dual registration so one moment i'm supposed to be looking out for you and i can sell you a product or service and now i'm going to slay something in you and i both know there is 1% and 3% cost that could be 40%. anthony: this is important for viewers, you want somebody that subjective sitting in the seat with you, has all their money in their own funds looking over the way they would look over there and family. >> you need somebody sophisticated. unfortunately i found such a variety of them. there is a salesman and then there is the fiduciary to lawyer the cpa or the financial aid and that there's a arrow of sophisticated or unsophisticated. you need that top right quadrant
somebody who is highly-skilled and that great fiduciary. maria: there's one end of the story that's having success and money management and make sure you are financially independent and there's another side of this that is succeeding in your job. when you come from modest means and you are able to work hard and become really successful and all the people you speak to in the book the same thing. what is the secret sauce? >> is 39 years. most people overestimate what they can do any year they underestimate what they do in a decade or two or three. you know from your your own career is right so there's a concentration of power that happens when every single day you are having to improve and you do a day after day and decade after decade but the other is concentration of power. if you can truly become a master of something and you become the voice that people look for. anthony: when did you flip over when you realize things were going well and you caught that
gravity when you could advise the president ended ilium there? when did that happen for you? >> it happened in stages. a few individuals i started with starting with athletes. i worked with nelson mandela and mother teresa and president clinton. it happened when businesses took off. $5 billion a year between the 18 companies and 12 that i help to manage. when i started doing that the ceos said companies of my own size in that program every day people who put many have been with for 15 years. there are long-term relationships. anthony: they have been robbed a little bit or lost their mortgage or something in her personal life. what do you tell them? >> you have to come up with what is it thereafter and come up with a plan to execute it and if it looks like it's going to be impossible or has to be some reinvention. in life when your life doesn't match a blueprint of how you are
expected to be, when it doesn't match and you feel there's nothing you can do that some people suffer. there's always something you can do. sticking in it getting rid of the belief that this is the permanent problem. my financer has messed up my whole life and that's just not true. respect and strategy. if you are well running a's looking for the sense that you can have all the energy that you need the right strategy. maria: we will keep talking to tony and he will tell us what works with all of the ceos and what they had in common.
what are their most frequent questions? >> everybody's different. i got a call the other day from a top 10 tech company one of the biggest in the world and he was having difficulty getting these multibillion-dollar counts. he wanted me to help him understand the psychology of this clients and customers. a guy like mark the first piece was giving him the framework to start the company. and then creating the framework and the tools to manage that. every employee 24,000 plus utilizes it and he comes to me and says i'm going to leave the company because it be any set i'm going to change the world. we are going to do $100 million. he will be approaching 1 million soon here. or paul jones who at the time was the best in the world but get a point, come and help me figure out what it is in the design of system and turned
around when you produce those results you get fans to build their brand but many people who want to stay with you for 15 or 20 years. anthony: people of a corporate job or they're going to switch out of something, there's a lot of fear there. i have felt it. i've started to business so would he do to give them bad jolt? >> i don't want to do that because 96% of all businesses fail in a 10 year period. i'm not going to pump somebody up. i want to push in the other direction. i need a person that can push through them but chokehold of the growth of any business to matter how big it is is always the psychology and the skills of the founder of the leader and 80% as the psychology and 20% of the skills. i can help them shift that i can usually shift the organization. when the things i do there are two types of ceos. we'll even if they have total confidence can i turn this thing around able at the time to do it
, most of the time of founder ceos what they're looking to do is to figure out how to weigh scale this right hit the limit of my control. we have grown so much werder word lego next up said digging in and finding the systems necessary to maximize their capacity. will. anthony: how long does it take you to find out what they have and who you are speaking to? >> after 39 years that's my skill. it doesn't take long to uncover what's real. i uncover rapidly what they may have been struggling with for weeks or months or sometimes years. maria: ucl that human performance. what holds people back who exported the one or two things that keep getting in peoples way stopping them from advancing? >> it's fear. anthony: fira failure. >> fear of failure and rejection. maria: but people want to make a change and take that jump, don't be afraid to do it. >> when someone is afraid in
their mouth and their throat in what i say to people as manager mind in an intellectual way, i'm happy, i'm happy but if you use your body first you can shift that and it changes your biochemistry. it's like the tools of an athlete or a business person. anthony: my son does 20 pull does 20 pull-ups today tony because of you. i won't play him in basketball anymore because of you. >> that's the ovell. maria: fear is what gets in peoples way. b here gets in peoples way so the only way through fear is going through. anyway. literally everybody talks about this idea that i'm going to have this intellectual developments this emotional development, emotional fitness is what i focus on. intelligence is a capacity. fitness is a state of readiness and when you get someone ready they will respond with when the challenge is up to most people
have the ability but they are not resourceful because they are overwhelmed because of their stress. i'm just stress, that's the achiever word for fear. anthony: who are these celebrities that you are able to talk about? >> i don't know what you want to talk about? maria: president clinton. >> resident clinton and i started together because i got a phonecall and he said i'm really in a tough place. the contract for america. anthony: he lost the midterm election. >> you looked incredibly weak so i said what may you join me at camp david for some discussions and i honestly said i'm not a fan. i'm incredibly honored that i'm invited but i'm not a fan. if you are looking for someone to say what you want to hear i'm not a fan. he said i really want to meet you tony. i became a fan because he's so
brilliant and he care so much. i got a phonecall from them one night and i said what should i do? you should have called me sooner. that's the first thing you should do. really a brilliant politician. as you know today he has taken that role as a senior statesman which i think is critical today. the. anthony: what is your observation of donald trump and a stage mannerisms? >> he has harnessed a level of anger just as bernie has that we have not seen in the electorate for a long time. i know donald verrilli well. he's an amazing businessman and a great salesman and i don't think his rivals take him seriously soon enough. it's a little late now. it's going to be interesting for all interesting for all of us. anthony: coming up art imitates life, tony robbins making it happen in the real world and with the hollywood hit.
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he you talk to maggie while she was preparing for the role. but did you tell her? >> i did not advisor on the sex scenes. i cochair on what i do and many the themes are accurate portrayals of what i have accident with hedge fund managers that work with. maria: you up with new role as chief -- creative planning run by two muddy men. good to see you guys thank you for being here. what did you take on this take on the stroll? >> last year when i came out with this book i was on a mission to push the fiduciary standard. i found there was a should there i thought the best way to change things and give transparency so i took no money from it. i wanted people have a choice in created the technology and two minutes find out what their real costs were because 1% could be a decade of income. the real volatility and compare two values. then they could go in it on
their own or go to a fiduciary. when i look for the best firms i want to know who number one was. has been rated number one for two years in a row. parents who rated them as number one independent testers. i didn't take anything from them. i just recommended people. anthony: you called him, he didn't call you. >> called and said tony i want to sit down with you. there are some things any to show you that you are probably unaware of than what he showed me and fortunately was there these people that present themselves as fiduciaries of the largest firm, some of them i really like but they found these legal loopholes that allow them to play both roles and i was shocked. i was angry and eventually he said we can work together because deserves a second opinion. you get an opinion indicator from the best in their number
one. anthony: tell our viewers that objective standard that you develop. >> it if you look at the industry and you think it's broken over 90% of advisers are broken. broker following the suitability standard. tony says what he want in your life that is suitable? you don't want anything that is just suitable, you want the best. maria: i wasn't expecting that. >> you want the fiduciary to act in your best interest. that debate is happening in the industry and there is also a debate around duly registered. some advisers are brokering a fiduciary and that's what tony i started talking about having a true fiduciary all the time. maria: what is the approach collects what is the strategy? >> as a firm our focus is to take every client as we see them.
you don't want to go to the doctor opposes same medicine out every time. where are they both are they trying to do and what is their situation and what is their estate planning setup? we just found a way to deliver that originally to the multi-millionaire next door and now we are basically making it available to anyone with 100,000 or more to invest. >> i said if he could bring this down from the billionaire to the multimillionaire for these resources he has geared up to do that now that is what i'm most excited about. anthony: the teeth of investor psychology how to explain it to clients? >> when you were talking to tony earlier you asked him what is it that gets people, causes them problems and gets them in the way of their success and he answered here. it's the same thing with interesting. when you hear buffett talk about investing they talk about people's fear and they make these mistakes. it doesn't matter how good your investments are.
what you are paying if every time we have a bear market which happens every few years you are running the cash and making mistakes. psychology is the core reason investors don't achieve their goals and we talk about having a megaphone for that issue, you can do better than that. >> the study from 1993 to 2013, 20 years and it s&p is up but the average investor was 2.52. anthony: that's a lot of churning there. selling at the worst time. >> they are buying they should be selling so my job is to work with his team to make sure they understand the needs of investor , are they certain be driven or driven for contribution? was the real driving force and water people psychological needs, not just their financial needs. anthony: this is a comprehensive approach in and have a strong
opinion on stocks or bonds or asset allocation. you are customizing and doing asset allocation and executing on comprehensive financial planning. maria: you can go everywhere, stocks, bonds alternatives. >> i introduce these two and now they have joined forces per se so i'm excited. anthony: is this up all the time does he give you a crazy call? >> we have great conversations about strategy and about execution. when the biggest gifts i got was when tony was writing the book, he interviewed 50 the most brilliant minds in finance and i was the only financial professional better front row seat and had a chance to listen to all the conversations in the recording said 250 hours of recordings and conversations. maria: so valuable. >> terrific. anthony: our thanks to tony
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